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Action Insight Market Overview	Markets Snapshot
Daily Report: Euro Staying in Tight Range as ECB Awaited Euro remains stuck in tight range against dollar as markets are awaiting ECB rate decision. The central bank is widely expected to announce easing measures to counter the weakening inflation outlook. That would likely including cutting of the three interest rates, including lowering the main refinancing rate from 0.25% to 0.05%, and the deposit rate into negative territory. There would also be non-conventional measures like new LTROs and pausing of sterilization of crisis-area bond purchase. Large scale quantitative easing is not likely for this meeting, but markets will look for clues on ECB's stance on it and to want extent the preparation works were done. The central ECB would also release new staff projections which would provide hints on the chance of even further stimulus. BoE will likely hold rates unchanged at 0.50% and keep the asset purchase size at GBP 375b. A brief statement would be released and the announcement would likely be a non-event. Full Report Here...
Featured Technical Report
EUR/USD Daily Outlook Daily Pivots: (S1) 1.3583; (P) 1.3611 (R1) 1.3625; More.... Intraday bias in EUR/USD remains neutral as consolidation from 1.3585 temporary low continues. Another recovery cannot be ruled out. But we'd expect upside to be limited by 1.3733 resistance and bring fall resumption. Current development is favoring the case of trend reversal on bearish divergence in daily MACD. Below 1.3585 will target 1.3476 key support for confirmation of this bearish case. However, break of 1.3733 will dampen this view and bring rebound first. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous
1:30	AUD	Trade Balance (AUD) Apr	-122M	510M	731M
1:45	CNY	HSBC China Services PMI May	50.7		51.4
8:10	EUR	Eurozone Retail PMI May			51.2
9:00	EUR	Eurozone Retail Sales M/M Apr		0.00%	0.30%
11:00	GBP	BoE Rate Decision		0.50%	0.50%
11:00	GBP	BoE Asset Purchase Target		375B	375B
11:30	USD	Challenger Job Cuts Y/Y May			5.70%
11:45	EUR	ECB Rate Decision		0.10%	0.25%
11:45	EUR	ECB Deposit Facility Rate		-0.10%	0.00%
11:45	EUR	ECB Marginal Lending Facility		0.60%	0.75%
12:30	USD	Initial Jobless Claims (MAY 31)		313K	300K
12:30	CAD	Building Permits M/M Apr		4.00%	-3.00%
14:00	CAD	Ivey PMI May			54.1
14:30	USD	Natural Gas Storage			114B

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency remained confined within narrow range and further consolidation is in store. At the moment, bids are still noted at 1.3600 and decent demand remains at 1.3575-85, more bids are tipped further out at 1.3550-60 (stops below barrier at 1.3550), 1.3525 and 1.3500 (another barrier). On the upside, offers are noted at 1.3640-45, more sell orders are located at 1.3655-65 and 1.3680-1.3700 area, selling interest is tipped further out at 1.3715 and 1.3730 with stops placed above 1.3735.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Buy at 0.8050

Despite intra-day bounce to 0.8150, as the single currency has retreated after faltering below resistance at 0.8153 (last week's high), retaining our view that further consolidation would be seen and below yesterday's low of 0.8107 would signal rebound from 0.8081 (last month's low) has ended, bring retest of this level, break there would extend weakness to 0.8050-55

Trade Idea: USD/CAD - Hold short entered at 1.0920

Although the greenback has risen again on soft Canadian data and after BOC, as this move is still viewed as retracement of recent decline, reckon upside would be limited to 1.0960-70 and bring retreat later, below 1.0870-75 (previous resistance) would signal top is formed and bring another fall towards 1.0814 support but break there is needed to signal the c leg of wave iv is in progress and extend the decline from 1.1279 (wave iii top) for a stronger correction of early upmove to 1.0800, then towards 1.0730-40